Sebi lets Bangalore Stock Exchange exit stock mkts

Sebi on Friday allowed Bangalore Stock Exchange (BgSE) to exit as a bourse from the capital markets. According to the Securities and Exchange Board of India (Sebi), BgSE has substantially complied with the conditions for its exit as per the regulator's framework and therefore "is a fit case to allow exit".

Sebi said BgSE had complied with the regulator's exit norms and made payment of necessary dues to the regulator, including 10 per cent of the listing fee and the annual regulatory fee. "From the valuation report and undertaking of BgSE, it is observed that all the known liabilities have been brought out and there is no other future liability that is known as on date," the capital market regulator said.

Giving it permission to exit, Sebi has directed BgSE to change its name and not to use the expression "Stock Exchange" or any variant of this expression in its name and to avoid any representation of present or past affiliation with the stock exchange, in all media, among others.

Additionally, BgSE has to provide details to the Ministry of Corporate Affairs on identifying vanishing companies which were listed on the exchange.